Germany nears deal to nationalise ailing gas importer
Germany plans to buy Finnish group Fortum’s stake in Uniper and inject €8bn
20 September 2022 - 17:53
byMarkus Wacket and Tom Käckenhoff
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German energy utility Uniper's offices in Duesseldorf, Germany. Picture: THILO SCHMUELGEN/REUTERS
Berlin/Düsseldorf — Germany is set to buy Fortum’s stake in Uniper and inject a further €8bn as part of a nationalisation of the gas importer, Uniper said on Tuesday.
The capital injection, which would come via a capital increase subscribed only by Germany’s government, would bring the total package of loans and equity used to stabilise Uniper so far to at least €29bn.
A final agreement has not yet been concluded, Uniper said.
Fortum, which owns a 78% stake in Uniper, said the deal will include the “return of the financing Fortum granted to Uniper”, which the Finnish group has put at €8bn.
A firm agreement of the nationalisation of Uniper, which has been hit by soaring gas prices and a cut-off in supplies of Russian gas, will be unveiled on Wednesday, sources have said.
Uniper shares were 1.7% higher on Tuesday.
“We need the state as the main shareholder in order to survive the gas crisis and to master the energy transition in the long term,” Uniper’s works council chief, Harald Seegatz, told Rheinische Post.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Germany nears deal to nationalise ailing gas importer
Germany plans to buy Finnish group Fortum’s stake in Uniper and inject €8bn
Berlin/Düsseldorf — Germany is set to buy Fortum’s stake in Uniper and inject a further €8bn as part of a nationalisation of the gas importer, Uniper said on Tuesday.
The capital injection, which would come via a capital increase subscribed only by Germany’s government, would bring the total package of loans and equity used to stabilise Uniper so far to at least €29bn.
A final agreement has not yet been concluded, Uniper said.
Fortum, which owns a 78% stake in Uniper, said the deal will include the “return of the financing Fortum granted to Uniper”, which the Finnish group has put at €8bn.
A firm agreement of the nationalisation of Uniper, which has been hit by soaring gas prices and a cut-off in supplies of Russian gas, will be unveiled on Wednesday, sources have said.
Uniper shares were 1.7% higher on Tuesday.
“We need the state as the main shareholder in order to survive the gas crisis and to master the energy transition in the long term,” Uniper’s works council chief, Harald Seegatz, told Rheinische Post.
Reuters
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